Abu Dhabi Commercial Bank posts record 2023 profit of Dh8.2b, up 28%

Dubai: Abu Dhabi Commercial Bank (ADCB) posted a record level of net profit during 2023, rising 28 per cent to Dh8.2 billion, which the third largest lender in the UAE attributed to strong growth across diverse income streams amid positive UAE consumer and business sentiment.

Aided by the earnings boost, the bank also recommended dividend equivalent of 50 per cent of net profit, Dh0.56 per share, which represented a payout of Dh4.1 billion.

The bank, which also benefitted from lower impairments during the period, posted 17 per cent higher net interest and Islamic financing income in the year, rising to Dh3.4 billion.

"In 2023, ADCB successfully navigated a dynamic global economic landscape to deliver strong growth, further solidifying its position as a leading financial institution and a vital catalyst for the UAE's economic ambitions," said chairman Khaldoon Al Mubarak.